FinancialForce, a Salesforce-based provider of enterprise resource planning and professional services automation technology, has released its Spring 2020 cloud-based software, with added features in the areas of project and resource management, accounting and analytics.
The Spring 2020 Release of FinancialForce Accounting & Financial Reporting includes more personalized analytics features, including customized objects, dynamic workspaces, and a new income statement, complementing its recently released Lightning Trial Balance report. A new Deferred Revenue Reconciliation Report reduces manual reconciliation and data export for period closes, while the Aged Analysis Report adds more insights and predictability.
To help businesses manage international operations better, FinancialForce Accounting & Reporting includes several new features, including multi-book functionality for maintaining separate books by entity, French and Spanish localizations and financial reporting, enhanced currency management revaluation and translation, and the ability to easily tailor language packs. FinancialForce also now features global value-added tax (VAT) support through an integration with Avalara.
The Spring 2020 Release leverages Salesforce Lightning Experience technology by adding Salesforce’s Lightning Web Components to FinancialForce’s Billing Central UX to improve user productivity and further automate billing processes. In FinancialForce Revenue Management, new Deferred Revenue Forecasting and Reporting (powered by Salesforce Einstein) helps streamline reconciliation processes during period close. Analysis Items in Billing Documents reduce data re-entry to automate the handoff from contract to billing and accounting.
FinancialForce Procurement, Order & Inventory Management includes new features to help customers control spending, including the ability to automate purchase order spending limits by time and value. By leveraging previous enhancements for accruals and recurring purchase orders, the update helps customers more strategically manage supplier contracts and spending.
“We worked closely with our customers on the Spring 2020 Release to advance our entire product portfolio,” said Dan Brown, chief product and strategy officer at FinancialForce, in a statement Tuesday. “These new features will help customers better access key metrics, drive decisions, and support success amid a rapidly changing business climate.”
In the professional services automation area, an enhanced Gantt chart in FinancialForce PSA gives customers more discipline around project management along with overall improvements to user experience. The Project Burnup view, powered by Salesforce’s Einstein artificial intelligence technology, and embedded in the Project page, limits project overruns and warns when companies are exceeding contracts. Integration with the Slack messaging system adds project collaboration abilities and faster approval of time and expenses.
FinancialForce PSA also now helps customers optimize their staffing needs with a unified view into supply and demand, including advanced visualization of resource schedules against requests. It can automate opportunity milestones and project risk templates, removing manual steps to allow better continuity between sales and services. Customers can use a predefined set of risks to auto-create projects directly or through templates to implement best practices and mitigate project risks.
FinancialForce PSA now includes greater support for fixed-fee forecasting for all revenue treatments, opportunity forecasts and forecast scheduling.
With Billing Central now fully available in Lightning Exchange, the Spring 2020 Release brings FinancialForce closer to providing a complete set of LEX-only solutions. The spring release provides a personalized user experience with embedded Einstein Analytics, actionable data, custom objects, and workspaces.
The Spring 2020 Release also includes enhancements to Accelerate, FinancialForce’s product and service technology. The new FinancialForce Customer Lifecycle eXperience Hub (CLX Hub) offers a collaborative workspace with preconfigured application packages, best practices, and an adaptive business process model. Customers can manage their configurations, metadata, settings and data to move between sandbox and production environments for greater predictability.
The newly updated My FinancialForce Portal within the FinancialForce Customer Community now shows learning resources, license utilization and versions, and case information, along with success objectives and entitlements for Premier customers. The My Project space has been updated with FinancialForce PSA Communities features to help customers and project teams share project information and updates.
